A couple of weeks ago, we saw GBP/JPY break from a long period of consolidation. Such a long period of consolidation with narrow volatility is a great set up for a breakout play. And in this case, a bullish breakout would be in line with a previous bullish swing. Indeed the bullish continuation breakout was strong and GBP/JPY continues to extend higher.GBP/JPY Daily Chart(click to enlarge)Bullish Projection:- First of all looking at the daily chart, we can see that the bullish breakout could be assessed as a continuation of the late 2016 rally.- Even if the long-term trend is still bearish, the market has set up for a short to medium-term bullish correction.- We can project the current swing, C, to be the same length in price as the late-2016 swing, A. In this "ABC" projection, the market might continue to 160.- In fact, 160-164 represents a key support/resistance pivot area. - Before this projected scenario materializes, GBP/JPY also has the 150 area to monitor. - In fact, the weekly chart shows that the 151.55 area will be a key pivot. It was a previous support pivot and price might also be challenged by a falling resistance.- A break above 151.60 opens up the 160 handle up to the 164 support/resistance pivot.GBP/JPY Weekly Chart(click to enlarge)